Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1887-03-20
A LARGE ENTERPRISE.

0fEAn8 883 HA44A&84&& IS MAEs0s
Tns PhilsdeIphia TInss Of March 5lh
deyotes fall page 20 describing enc Of
TIE most successful enterprises ecn
dacsed in that city. and one also that
Vhe people Of Oregon and Washington
Territory vilg ali feel the bsneit Of
The idsa Of organising tbs Solicitors
Company vas conceived IN the fall Of
1855 By George and William Wagner
sonsof old Charles Wagner. Their idea
vas TO form q corporation that could
carry OF the Law and conveyanci1g b7si
ness on q very excessive scale. They
vers actively joined By 3. Carroll Ne
Caffrey, q well known walnut street
LAWYER, Richard w. Clay, slso a LAWYER,
son Of the late Joseph a. Clay, Esq.
nd Richard 5. Hunter. the present
solicitor of t6e Company. Knowing
there YES large fed for investment in
Western and Southern mortgages, which
had been bat little developed, they drew
40 an Outline for q title. trust, coliec-
ton and investment company.
The capital stock wss placed az $500
600, in shares OF $50 each. no ons a.
loved 70 bold over 100 shares. and in
less than thirty days the entire emeunt
vas subscribed. As soon IS il was gen.
orally known that such q company vas
being formed, She projectors we're over
whelmed with applications for stock.
All the stock had been subscribed for,
however, and the ofganizsrs refused to
increase the capital 10 100000, al
though strong efforts were made 70 in
duce them to do 90.
The first stoskholdef's meeting vas
held in Sc. Georges Hall on April 18th,
1885, when the fellowing Beard OF Di.
rectors we're elected: Charles 7. Parry,
Of the nFm Of Barnham, Parry, Will
ans 4 Co., pFoprietoFs Of the BALDWIN
Locomotive works; William Harker,
Lewis II. Radner, q well known convey
ANGER on Walnut street; II. Crawford
Coates, 9 retired capitalist; William b.
Scott, q director IN the Independence
National Bank; Henry w. Brown, Q
prominent 6re insurance man, largely
interested IN real estate in the
heart Of the city; Justice Coz, Jr.,
Of the large iron brokerage firm
Of Justice Cox, JF., q Co.; William 7.
Tiers, q we'll known tea merchant,
largely Interested In real estate; John
u. shFiRley, g retired capitalist but at
oae time connected With the large tool
works Of Bement a Co.; Jane Aull,
OF New York and formerly Of
Grant 4 Auil, OF Philadelphia, who
has spenf msuy years in the investment
business; William L. Wagner and 7.
De Witt ouyler, son Of the late Thee
dors Cuyisr.
On NAV 18th the Beard of Directors
elected as officers Frederick 5. Dickson,
Presidents; Richard w. clay, Vice Pres
ident; Theodore Frothingmsn, Score
tary: George n. Wagner, Treasurer,
and Richard 8. Hunter, Solicitor.
Prominent among the stockholders are
sach men as Henry w. Biddls, John W.
Biddle, stephen A. Caldwell, President
of tie Fidelity Trust Company; F. A.
Comfy, ex. President Of the North
Penn Railroad Company; Abraham
Coates thu leather manufacturer; Alex
auder Ri. Fox, President of the Second
aud ThiFd Street, Passenger Raii~ay
Company; Philip J. walsh. Robert Gsr-
rett, President OF the Baltimore d OHIO
Railroad 0ompanyj Franc's MeMaRns,
President of the Mechanics Insurance
Company; Charles Platt, President of
the I1suranee Company Of Norts Aaer-
ioa; Charles Porter, OF Porter q Dlekey;
5bn Wanamaker aud William Welsh.
Although tue list of stockholders is
small, u will be readily seen from the
above that IL is exoesdiEgly strong.
In locking for COED Aeld to operate
in, they found that the Northern Pacific
rsgion OF red greater ADVANTAGES than
envy D rtion OF tue middle West, and
thew determined that their main bust
ness would be the placing of marig t0es
=. NJ .ahsrs,
ton Territory. This territory was
ssIectsd after a very thorough investi
CATION of both the Southern and Mid
die States. They found that 10 natural
res arces the Pacifis Northwest is
richer than almost any other part of
the United States, bat toe Industries Of
he region are comparatively nnde-
veIoped and their capability of txpan-
sion almost unknown.
After selecting the territory they de-
eided apon sending Mr.. j. Carroll Mo
Caffrey 10 the eosst to act as their West
srn manager, VITO ~ paid fixed salary,
not per cent 90 loans m9de. Mr.. Mo-
Oaffrey was one Of the projectors and
directors of the company, as well IS
one Of iss heaviest stockholders. His
experiences as a real estate lawyer and
conveyaneer had been very extensive
and bis judgment on real estate was
considered good by those capable Of
Judging. He aAskes 1t point IN every
case to personally examine the security
offered for the loan.
Mr.. McCatfrey removed to Portland
last summer aud established an office
at % Stark street. He scent three
mosshs in carefully examining the re-
cords Of the recent sales before placing
loan. All the blanks. bonds, mort
"a Res and other papers used IN both
Oregon and Washington Territory have
been submitted to toe Judgment Of the
best legal talent In the region. These
mortgages are payable ia gold, both
principal aad interest, which, though q
matter Of no moment now, may become
80 In the near future. They bear inter
est at the rate Of six per cent, and beth
interest and principI are payable at
the home Office IA Philadelphia and
guaranteed absolutely by the company.
which agrees to pay the interest when Il
is due and 20 continue payment until
the principal is fully paid.
The mortgages generally run for fve
wears, though the guaranty provides
that the oompany May extend the time
two wears shoald the necessity arise.
| The valuation placed upon these mort
| gagged lands is in all cases the price
ghieh the property would bring st
Sheriff's sale. not the value that might
De realized under favorable circumstAn-
ces BY private sale. By the eoupaHy's
regulations not more than 10 per cent.
of this valuation can be loaned upon
the property, though in some caaes
when property ia Of q special value and
likely to increase rapidly, a trifInG
larger SIM may be loaned, though as .
| rule the amount leaned IL rather less
than more than the prescribed liUis.
Daring the past few msnihs the com
pany has loaned over $4,000 10 the
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